Re mortgage valuation

col81

Hi, I am trying to remortgage with santander I told them I owe 118k and my house is worth 155k I've had it valued at 190k will this make a difference to the underwriters do I need to tell them? Its obviously worth a lot more than I thought so I am look at a lot lower LTV

Thrugelmir

The underwriters at Santander will value the property themselves. 

col81

Ah right ok, how do they do that do they send someone out?

K_S

col81 said:

Ah right ok, how do they do that do they send someone out?

@col81 If you are re-mortgaging (changing from another lender to Santander), Santander will instruct a third-party surveyor firm to value the property. If an internal inspection is required, the surveyor will call you and book an appointment to visit the property. If they don't need an internal inspection, they'll do a drive-by or desktop valuation. Once that's done, they'll send the valuation report to Santander. The valuation used by Santander will be the lower of the value you enter in the application form and the value determined by the surveyor.

If you are doing a product-switch/rate-switch/product-transfer (you already have a Santander mortgage and are selecting a new fix with Santander), the valuation will usually be automated and based on the house price index.